PaulaM
Employee Tax Expert

Investors & landlords

Just using the figures you listed above and very rough estimate,  your basis in the new property is going to be the basis of the old property + any additional money you bring to the table for the new property. In your case, the difference in the purchase price of new property minus the sales price of the old property + the adjusted basis of the old. 

The calculation is more detailed than that as Mike9241 indicated above if you have liabilities and costs associated with sale/purchase. I suggest working it in TurboTax or the many 1031 exchange calculators on the web to gain an understanding of the flow. You can get started in TurboTax with this link.


 

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